Kris Krohn here. Today, we're talking about how to save money in your 20s. And
check it out. People are either addicted to spending or they're addicted to
saving. And both are wrong.
Spenders have a destiny, savers have a destiny and trust me when I tell you
it's not the highest and best outcome of what you want for your life. There's
actually a third destiny. But first, let's actually explore. What's
wrong with being a spender? It means that you're always living in the moment. It
means that you're always spending tomorrow's paycheck. It means that you
usually have very little savings in the bank account. And you know what? You're
allowing yourself to enjoy the small frivolities of life. You can go out to
eat more often. You can drive nicer cars, you can live in a nicer home. But
financially, there's stress and when you think about the future, you're thinking,
"I'm screwed and I know it." Or you could say, "Well, you know what? What's the
destiny of a saver?" A saver really never learns to enjoy life. They're constantly
looking at something that could be fun or pleasurable and saying, "But I could
save that money." And so it's always save, save, save, save, save. And if you meet
savers, they typically aren't your happiest people. They're not
opportunistic. They're not looking for how they can enjoy life, Because the
bottom line is, everything they see with the dollar sign and say, "I need to save
that." So, if you're going to be a spender or you're gonna be a saver, I think both are
screwed. One is enjoin the short-term and will
have a sucky long-term. One is hating the short-term and isn't really going to have
it enjoy the long-term. So, where do you go from there? If you want to know how to
save money in your 20's, you actually have to learn how to become an investor. And
the destiny of an investor says, "Maybe in the short run I'm going to get a little
less money than I then I would if I were a saver. But it is going to mean that in
the long run my investments are going to pay for everything and then I can really
afford to live the life of my dreams." Obviously if you're in your 20s and
you're young, that it's it's one of the best times to be saving. But not for the
sake of saving. It's for the sake of investing. The bottom line is you need to
get your money working for you. It's amazing that if you can actually be
super conscious about saving money whenever and wherever you can. It's not
so you build up a big savings account. That's what people do and they don't
know what they're doing. Here's what you're trying to do instead. You're
trying to buy assets that will pay you. The 401k 1 pay.
The IRA won't pay you. If you put money in the stock market, it will pay you.
Those are just different ways of thinking in terms of savings. An investor
buys assets that pay them. For example, if you could buy an investment property and
let's say you did my lease option system on it. Then you buy that property and yes,
it has a mortgage and yes it has debt. But it's a good debt that makes you
money. How much? It should make you around $500 a month. So all of a
sudden, just imagine instead of trapping you know, a chunk of money and savings or
the stock market or 401k, you you trap it in a property. What's it doing for you?
Well, if you do it the right way, it's writing you a check each and every month.
It's also appreciating and going up in value. And you know what outperforms
401ks, IRAs and the stock market every day of the week? It's how homes appreciate
with tine. That's where people are crushing and winning. So you have an
asset that increases in value while it's paying you and giving you tax benefits.
And frankly, there are more benefits than that. Now I get it. Time out. You're saying,
"Yeah, but Kris. Things could go wrong." Like what if your property's unrented
out or what if your tenant trashes the home?" Listen, I'm not saying there's no
risk. I'm just saying that the destiny of an investor is both a lot more exciting
and fruitful than either a saver or a spender. Let's talk about a concrete
savings plan for just a moment. Let's talk about a concrete investor plan.
Let's assume you're in your 20s and you're really just kind of starting out
like maybe you're fresh out of college or you started a business. Bottom line is
there's money coming into your world and you're wondering what you should do with
it. Don't be a spender that swarms is it all. And don't be a saver for the sake of
being a saver. Here's what I want you to do instead. Number 1 is I want you
to put yourself in a position where you can buy yourself a house. A house for you
to live in. Why? We call this a PR, a primary residence. And if you were to buy
a home average median, $200,000. Then you probably have a mortgage around a
thousand or twelve hundred dollars a month. To buy this house, all you need is
a 3% down payment. Which is like $6,000. And
the rest of the closing costs, you can negotiate you have rapped into
the law. If you buy this property, first of all you divide it at discount. But
more importantly, remember that a person's rent or home is their biggest
expense. So, what do I want you to do, I want me to get yourself 3 roommates.
If your county will allow you more than that, get more. If you charge these 3
rent for this house, guess what it'll do? It should come pretty close to actually
eliminating your mortgage. And if you have no payment then you have already
started off life in your twenties eliminating your biggest expense. You
have someone else paying it and it's going up and down you and you're getting
tax write-off tax benefits. So, this small little move right here, it's about
cancelling out one of your biggest expenses by being an investor. Now, the
cool thing is if you buy this with equity or now you have more money to save
it. You're saving 5-8 hundred a thousand dollars a month. If you keep
saving that up step 2, is to not put that in a non property. This one is
called an investor property. Ah! It means that you're gonna put 20% down.
It's a lot more money. But this is an example of one of those homes that can
give you a $500 a month leftover positive cash flow. Now, this is actually
what I did my first customer. I eliminated my mortgage on my own home. So
I eliminated my biggest expense and my first property brought me in over $500 a
month. Do you know what that means? It means that you're probably saving close
to a thousand bucks here, making 500. That's a 1,500 spread.
And that just means that you're saving. But not to fill up a savings account. You
can't save enough money for retirement. You need to invest it. So, guess what
option step 3 and 4 and 5 and 6 are. It's free to actually keep
buying properties. Now, the cool part is that there's even ways of doing lease
options that don't even wait for you to save up 6 thousand or 20 thousand
or $40,000. There's ways of getting into real estate for even less than that. And
some deals that don't even take money. You need the training. And put the
training first. If you click the link below in the
description, you're going to have a chance to actually learn about what a lease
option is. Why it's my number one most recommended strategy for a brand new
investor. And also get a chance to talk to a member of my team who can really
help you understand it. Do some QA with you. Really help do some fact-checking
and understand why this is such an amazing system. And gives you an
opportunity to say, "Hey, I'm young. I'm just starting out but guess what? I've
got a concrete gameplan. I not only know how to save in my 20s. I know how to
invest." I'm going to tell you right now, these are the same things I did that led
me to being a multimillionaire in my mid-20s and it can do the same
thing for you. Hey, thank you for watching today's video. It's all in service of
helping you make the most of your life. This channel, all of this training, I
don't have to do it. I do it because I love doing it. When you become
financially free, you're going to figure out what you love doing. And a big part of
what's going to help you feel fulfilled is the people that you serve. So, I hope
today's video serve you. I hope that it was useful. Even if it just gave you one
idea that helps you alter your destiny. So instead of being a saver, instead of
being a spender, instead you can become an investor. It's the smartest thing that
you can do at this age in your life. Thank you for watching. And click the
link below if you want to get with me in my team so that we can get you started
on the real training that can help build wealth now. You don't have to wait, you
don't have to save for it. It's all available to you right now. Other than
that, make sure you do subscribe. I will see you on tomorrow's video.